Matthew Shair Sells 37,500 Shares of Nuvalent, Inc. (NASDAQ:NUVL) Stock

Nuvalent, Inc. (NASDAQ:NUVL) Director Matthew Shair sold 37,500 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $65.56, for a total value of $2,458,500.00. Following the completion of the transaction, the director now directly owns 1,574,698 shares in the company, valued at $103,237,200.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Matthew Shair also recently made the following trade(s):

• On Monday, April 8th, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $68.44, for a total value of $2,566,500.00.
• On Monday, April 1st, Matthew Shair sold 37,500 shares of Nuvalent stock. The shares were sold at an average price of $76.92, for a total value of $2,884,500.00.
• On Monday, March 25th, Matthew Shair sold 37,500 shares of Nuvalent stock. The stock was sold at an average price of $76.77, for a total value of $2,878,875.00.

Nuvalent Price Performance

Shares of NUVL stock opened at $62.76 on Friday. Nuvalent, Inc. has a 12-month low of $32.06 and a 12-month high of $89.39. The firm has a market capitalization of $4.02 billion, a price-to-earnings ratio of -29.06 and a beta of 1.29. The business has a 50 day simple moving average of $78.27 and a 200 day simple moving average of $70.68.

Nuvalent (NASDAQ:NUVL) last issued its quarterly earnings data on Tuesday, February 27th. The company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.02). On average, equities analysts anticipate that Nuvalent, Inc. will post -2.93 EPS for the current fiscal year.

Hedge Funds Weigh In On Nuvalent

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hudson Bay Capital Management LP lifted its position in Nuvalent by 43.2% in the third quarter. Hudson Bay Capital Management LP now owns 42,955 shares of the company’s stock worth $1,975,000 after purchasing an additional 12,955 shares during the period. Rafferty Asset Management LLC lifted its position in shares of Nuvalent by 18.9% during the 3rd quarter. Rafferty Asset Management LLC now owns 95,715 shares of the company’s stock valued at $4,400,000 after acquiring an additional 15,197 shares during the last quarter. New York State Common Retirement Fund lifted its position in shares of Nuvalent by 49.8% during the 3rd quarter. New York State Common Retirement Fund now owns 20,207 shares of the company’s stock valued at $929,000 after acquiring an additional 6,714 shares during the last quarter. Invesco Ltd. lifted its position in shares of Nuvalent by 51.2% during the 3rd quarter. Invesco Ltd. now owns 208,687 shares of the company’s stock valued at $9,593,000 after acquiring an additional 70,673 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Nuvalent by 196.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 197,986 shares of the company’s stock valued at $9,101,000 after acquiring an additional 131,296 shares during the last quarter. 97.26% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NUVL has been the topic of several recent analyst reports. BMO Capital Markets boosted their price target on Nuvalent from $93.00 to $102.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Leerink Partnrs upgraded Nuvalent from a “market perform” rating to an “outperform” rating in a research note on Monday, April 1st. Jefferies Financial Group started coverage on Nuvalent in a research note on Wednesday. They set a “buy” rating and a $97.00 price objective on the stock. Wedbush reaffirmed an “outperform” rating and set a $99.00 target price on shares of Nuvalent in a report on Tuesday, February 27th. Finally, Robert W. Baird started coverage on Nuvalent in a report on Friday, February 23rd. They set an “outperform” rating and a $105.00 target price for the company. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $90.78.

Nuvalent Company Profile

Nuvalent, Inc, a clinical stage biopharmaceutical company, engages in the development of therapies for patients with cancer. Its lead product candidates are NVL-520, a novel ROS1-selective inhibitor to address the clinical challenges of emergent treatment resistance, central nervous system (CNS)-related adverse events, and brain metastases that may limit the use of ROS1 tyrosine kinase inhibitors (TKIs) for patients with ROS proto-oncogene 1 (ROS1)-positive non-small cell lung cancer (NSCLC) which is under the phase 2 portion of the ARROS-1 Phase 1/2 clinical trial; NVL-655, a brain-penetrant ALK-selective inhibitor, to address the clinical challenges of emergent treatment resistance, CNS-related adverse events, and brain metastases that might limit the use of first-, second-, and third-generation ALK inhibitors that is under the phase 2 portion of the ALKOVE-1 Phase 1/2 clinical trial; and NVL-330, a brain-penetrant human epidermal growth factor receptor 2 (HER2)-selective inhibitor designed to treat tumors driven by HER2ex20, brain metastases, and avoiding treatment-limiting adverse events including due to off-target inhibition of wild-type EGFR, which is expected to initiate phase 1 trial.